Morgan Stanley set a $247.00 price objective on Apple (NASDAQ:AAPL) in a report published on Wednesday, TipRanks reports. The brokerage currently has a buy rating on the iPhone maker’s stock.
A number of other equities analysts have also weighed in on AAPL. Argus upped their price objective on Apple to $250.00 and gave the stock a buy rating in a research note on Thursday, May 2nd. UBS Group upped their price objective on Apple from $225.00 to $235.00 and gave the stock a buy rating in a research note on Monday. Cowen upped their price objective on Apple from $220.00 to $250.00 and gave the stock an outperform rating in a research note on Wednesday. Sanford C. Bernstein reaffirmed a neutral rating and issued a $205.00 price objective on shares of Apple in a research note on Wednesday. Finally, Maxim Group dropped their price objective on Apple to $211.00 and set a hold rating for the company in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $217.49.
Shares of NASDAQ AAPL traded down $4.41 during mid-day trading on Wednesday, reaching $204.02. The company’s stock had a trading volume of 38,503,112 shares, compared to its average volume of 28,927,127. The company has a market cap of $960.61 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 1.77 and a beta of 1.23. The company has a quick ratio of 1.26, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. The firm’s fifty day simple moving average is $202.42. Apple has a 52 week low of $142.00 and a 52 week high of $233.47.
Apple announced that its Board of Directors has initiated a share repurchase plan on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 12th will be given a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.08 dividend on an annualized basis and a yield of 1.51%. Apple’s dividend payout ratio (DPR) is presently 25.86%.
A number of hedge funds have recently modified their holdings of AAPL. Thoroughbred Financial Services LLC raised its position in Apple by 19,949.3% during the second quarter. Thoroughbred Financial Services LLC now owns 10,055,128 shares of the iPhone maker’s stock valued at $1,005,513,000 after purchasing an additional 10,004,976 shares during the period. Great West Life Assurance Co. Can purchased a new stake in Apple during the second quarter valued at approximately $809,074,000. H&H International Investment LLC raised its position in Apple by 16.5% during the second quarter. H&H International Investment LLC now owns 3,877,900 shares of the iPhone maker’s stock valued at $785,333,000 after purchasing an additional 550,300 shares during the period. Fisher Asset Management LLC raised its position in Apple by 4.1% during the second quarter. Fisher Asset Management LLC now owns 13,738,592 shares of the iPhone maker’s stock valued at $2,719,142,000 after purchasing an additional 546,597 shares during the period. Finally, Mn Services Vermogensbeheer B.V. grew its stake in shares of Apple by 57.3% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 1,235,798 shares of the iPhone maker’s stock valued at $170,524,000 after buying an additional 450,098 shares during the last quarter. Institutional investors and hedge funds own 58.66% of the company’s stock.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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